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South America


Oil at $77? Argentina Marches to a Different Drummer

Argentina houses the second-largest reserves of shale gas and fourth largest of oil in the world, by making their own rules it has been able to maintain high prices in oil. Since August 2012, their fuel prices have risen by 126%. by Pablo Rosendo Gonzalez, Bloomberg Business, August 24th, 2015 Oil at $77? It is…

Venezuela’s PDVSA got at least 6 light crude supply offers

Last month, Venezuela asked oil suppliers to submit offers for 70,000 barrels a day of light crude through a contract of five years. PDVSA is planning to blend this light crude with its growing extra heavy oils. In the last few days, the Venezuela company received bid offers from Royal Dutch Shell, U.S. Chevron Corp, PetroChina and others….

The Venezuela-Guyana Conflict

The Venezuela-Guyana Conflict

Last week, Exxon Mobil announced discovery of 700 million oil barrels at their Liza-1 well. The location is 100 miles from the shore of Guyana, a territory that has been debated belongs to Venezuela. President Nicolas Maduro reached out to Washington for help in order for both countries to peacefully agree on territory settlement. In an…

Venezuela seeks light crude contracts to make blends -sources

PDVSA is looking to buy 70,000 bpd for the next five years. Seeking for the best offer, the company intends to use the barrels of ultralight crude as a diluent of their growing production of extra heavy oil. PDVSA is looking the best offer and expecting an agreement of up to five years. by Reuters, July…

Exxon Mobil’s Guyana find may dwarf nation’s economy

Exxon Mobil’s discovery in Guyana could hold more than 700 million barrels of oil, a resource that is worth more than ten times the nation’s GDP. By Andrew Rosati and Joe Carroll, Bloomberg News,July 21, 2015 An Exxon Mobil Corp. discovery off Guyana may hold oil and natural gas worth 12 times the South American nation’s…

Petrobras Selling Argentine Unit Stake, Province Governor Says

In an effort to cut spending, Petrobras is selling its Argentina stake in the Neuquen Province. Among those interested are YPF, Pan American Energy, Plus Petrol, and Tecpetrol, looking to buy up to 70% of Petrobtras SA. by  Pablo Rosendo Gonzalez, Bloomberg Business, July 17, 2015 Petroleo Brasileiro SA, the world most indebted oil producer, is…

Venezuela expands oil blending scheme with Nigeria crude buys: traders

PDVSA recently bought Nigerian crude oil in order to blend it and expand its portfolio. Venezuela began importing crude reserves from around the world last year, this allows the company to reduce costs. PDVSA also revealed plans with OPEC on blending with its allies in order to compete with the U.S. and Canada. by Reuters,…

Spain’s Repsol in $40 mn oil exploration project in Bolivia

Exploration for oil and gas is about to take place in Bolivia, Repsol will be investing $40 million USD with the objective of confirming area estimates, approximately 0.80 trillion cubic feet of natural gas. by Fox Latino, July 13, 2015 Bolivian oil company YPFB Andina, in which Spain’s Repsol has a 48.92 percent stake, is…

Brazil to ease Petrobras pressure with offshore oil bill

Brazilian government may end Petrobras’ monopoly by opening way to foreign and private investment. Intended to pass this September, the bill recently presented to congress aims to attract big oil players and re-position Brazil’s oil industry. by Joe Leahy, Financial Times, July 05, 2015 Brazil’s congress is likely to pass a landmark bill that could ease…

Petrobras cuts investment plan

Petrobras cuts investment plan

Seeking to cut expenses and pay off its debt, Petrobras will invest 130 billion USD between 2015 – 2019, a decrease of 41% from what was initially planned for 2014 -2018. The oil company also reduced its 2020 production plan for oil and natural gas, lowering it from 5.3 millions to 3.7 per day. by…

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